The company, which is run by Scott Rechler, had purchased a portion of the property’s $600 million in debt in over the past two years, and is close to assuming complete ownership of the property.

450 Lexington Avenue (photo courtesy of CoStar)

“The reason why they (RXR) bought the debt was that they knew it was maturing and Istithmar is in the process of selling off some of its assets,” a person close to the deal told The Commercial Observer. “It is a natural exit for them.”